CALGARY, Dec. 23, 2014 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Deborah Burns McKenzie and Christopher John McKenzie (the Respondents) for illegally trading and distributing Infuse Capital Corporation securities, making misrepresentations to investors and acting contrary to the public interest. These findings were consistent with admissions made by the Respondents.
As a result, an ASC panel ordered that each Respondent:
- pay an administrative penalty of $60,000 and investigation and hearing costs of $5,000; and
- is prohibited from acting as a director or officer (or both) of any issuer until and including December 19, 2018.
In regards to the illegal trading and distribution of securities, the ASC panel gave some credence to the Respondents' claim that they did not understand their obligations under Alberta securities laws, but stated that "we cannot condone ignorance of the law in a regulated capital market." The ASC panel found that the Respondents' acted contrary to the public interest as they "put the investing public in harm's way by inducing them to purchase securities based on inaccurate information; adverse outcomes from misinformed investments can undermine confidence in our capital market."
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE: Alberta Securities Commission
For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488